Apple struggles to top $600 barrier

Apple’s shares have had an impressive run this year, but topping the $600 barrier is an elusive target so far.

Shares of the electronic gadget maker haven’t exceeded $600 a share since November of 2012, making it a psychological reminder of just how long this stock has languished. Following the company’s better-than-expected quarterly results last week, the stock has taken off, and is up 5.4% this year. That handily beats the 2% gain by the S&P 500.

But the $600 barrier remains. If analysts are correct, that ceiling shouldn’t last long. Wall Street analysts, on average, have a $617.52 12-month price target and “outperform” rating on the stock, says S&P Capital IQ. It’s a far from the $800 price targets that were bandied about in late 2012, when the stock peaked at more than $700 a share.